Paper company UPM has completed the acquisition of Myllykoski Oyj and Rhein Papier GmbH for €900 million (£785 million).
As a result, it has bought a company that operated seven paper mills in Germany, Finland and the United States producing 2.8 million tonnes of material.
UPM Paper Business Group president Jyrki Ovaska said: “UPM has strong confidence in the print industry and our target is to be a very competitive paper supplier. After the transaction, we will be able to better meet customers’ needs with an extended product portfolio and strong local presence, including in North America.
“Paper is one of UPM’s core businesses and our target is to achieve undisputed cost leadership in Europe. We also want to grow in China and other emerging markets.”